{"id":62572,"date":"2026-06-01T06:38:22","date_gmt":"2026-06-01T10:38:22","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-citigroup-bullish-on-gm-as-middle-east-tensions-and-uk-tax-crackdowns-dominate-headlines\/62572\/"},"modified":"2026-06-01T06:38:22","modified_gmt":"2026-06-01T10:38:22","slug":"global-markets-citigroup-bullish-on-gm-as-middle-east-tensions-and-uk-tax-crackdowns-dominate-headlines","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-citigroup-bullish-on-gm-as-middle-east-tensions-and-uk-tax-crackdowns-dominate-headlines\/62572\/","title":{"rendered":"Global Markets: Citigroup Bullish on GM as Middle East Tensions and UK Tax Crackdowns Dominate Headlines"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Citigroup (<a href=\"\/stock\/C\">C<\/a>) significantly raised its price target for General Motors (<a href=\"\/stock\/GM\">GM<\/a>) to $131 from $108<\/strong>, highlighting the automaker&#39;s aggressive share buybacks and expanding margins.<\/li>\n<li><strong>Iran has reasserted sovereignty over the Strait of Hormuz<\/strong>, requiring all vessels to obtain permission from the IRGC Navy; 15 ships, including four oil tankers, complied with the new protocols in the last 24 hours.<\/li>\n<li><strong>UK Chancellor Rachel Reeves summoned oil industry bosses<\/strong> for urgent talks regarding a proposed crackdown on foreign branch tax loopholes intended to fund a national cost-of-living support package.<\/li>\n<li><strong>India\u2019s Trade Minister set a $1 trillion total export target for FY27<\/strong>, while expressing optimism that an interim trade deal with the United States will be signed shortly.<\/li>\n<li><strong>Eurozone unemployment reached 6.3% in April<\/strong>, coming in slightly higher than the 6.2% estimated by analysts, as the region grapples with persistent inflationary pressures.<\/li>\n<\/ul>\n<p>Citigroup (<a href=\"\/stock\/C\">C<\/a>) has issued a major bullish update for General Motors (<a href=\"\/stock\/GM\">GM<\/a>), raising its price target to <strong>$131<\/strong> from a previous <strong>$108<\/strong>. Analysts at the bank cited GM\u2019s &quot;self-help&quot; narrative, noting that the company is successfully expanding margins even as global volumes face pressure. The upgrade follows a strong first-quarter performance where GM delivered an adjusted EPS of <strong>$3.70<\/strong>, far exceeding the <strong>$2.62<\/strong> consensus estimate.<\/p>\n<p>Geopolitical tensions in the Middle East have escalated as Iran\u2019s Revolutionary Guard Navy announced it is now &quot;directing&quot; all ships in the <strong>Strait of Hormuz<\/strong>. The IRGC Navy reported that <strong>15 vessels<\/strong>, including <strong>four oil tankers<\/strong>, obtained permission to pass through the strategic chokepoint in the last 24 hours. Iranian officials warned that any vessel violating these new laws and warnings would be stopped, a move that has drawn sharp condemnation from Saudi Arabia and raised concerns over global energy security.<\/p>\n<p>In the United Kingdom, Chancellor Rachel Reeves has summoned executives from major oil firms, including BP (<a href=\"\/stock\/BP\">BP<\/a>) and Shell (<a href=\"\/stock\/SHEL\">SHEL<\/a>), to discuss a clampdown on the use of foreign branches to reduce UK tax bills. The Treasury expects the measure to raise <strong>hundreds of millions of pounds<\/strong> annually to fund a <strong>\u00a31.8 billion<\/strong> cost-of-living support package. The move comes as the government faces increasing pressure to ensure that energy giants, benefiting from price volatility, pay their &quot;fair share&quot; of taxes.<\/p>\n<p>India is aggressively pursuing a new era of trade, with Trade Minister Piyush Goyal targeting <strong>$1 trillion<\/strong> in total exports by <strong>FY27<\/strong>. Goyal noted that India and the U.S. have resolved most outstanding issues on a trade pact and hopes to sign an interim deal soon. This ambition follows a record <strong>$863 billion<\/strong> in exports for the previous fiscal year, driven largely by a surge in services and information technology shipments.<\/p>\n<p>In the technology and digital asset sectors, Anthropic announced it will grant the <strong>EU\u2019s Cybersecurity Agency<\/strong> access to its &quot;Mythos&quot; AI model to help identify systemic vulnerabilities. Meanwhile, Binance unveiled a new service allowing non-U.S. users to trade over <strong>7,000 U.S. stocks and ETFs<\/strong> commission-free. The crypto exchange is positioning itself as a &quot;multi-asset financial super app,&quot; enabling users to purchase fractional shares starting at <strong>$5<\/strong> using stablecoins like USDC and USDT.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Citigroup (C) significantly raised its price target for General Motors (GM) to $131 from $108, highlighting the automaker&#39;s 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